Brazil president sanctions ROTA 2030 policy

Brazil’s President Michel Temer has sanctioned the country’s ROTA 2030 automotive industry policy which maps out rules aimed at stimulating sector investment over the next 15 years.

Shortly following the approval of 2018 provisionary measure 843 by the lower and upper houses, the president inked the deal at the opening of the Sao Paulo auto show on Thursday (Nov 8).

One rule under the policy includes the federal government granting the industry up to 2.1bn reais (US$561mn) in tax credit for every year automotive companies jointly invest at least 5bn reais on research and development.

It will also address issues such as energy efficiency targets, vehicle identifying, structural performance, and incentives for electric cars.